Key Facts

  • New Zealand’s average dwelling values did not grow significantly in December 2023 according to the latest data from Quotable Value.
  • The average value stood at $905,070 at the end of last year, a decrease of about $9000 (-1.0%) from November and roughly $40,000 (-4.2%) from the end of 2022 based on the QV House Price Index.
  • However, over the December quarter, the average national dwelling value rose by 0.6%.
  • Only four regions recorded an increase in average dwelling values at the end of 2023 compared to 2022, led by Rotorua, Christchurch, Queenstown-Lakes, and Invercargill.
  • The most significant declines in average values were witnessed in Northland (-7.0%) and the Auckland Region (-4.0%).
  • A “general stalling” in home value growth was reported in the December quarter of 2023.
  • The dwellings value stall coincides with a slump in new residential listings on the market.

Article Summary

The average value of dwellings in New Zealand witnessed minimal growth at the close of 2023, according to the latest figures from Quotable Value. These figures indicate a stagnation in home value growth, with the average value reducing by almost $40,000 (-4.2%) compared to the end of 2022. Nevertheless, the average national dwelling value saw a 0.6% increase over the December quarter.

Noteworthy regional variations were observed within these national trends. Despite stagnation at the national level, Rotorua, Christchurch, Queenstown-Lakes, and Invercargill all experienced an increase in average dwelling values from 2022 to the end of 2023. Conversely, Northland and the Auckland Region faced the most drastic declines in average home values.

Quotable Value’s Operations Manager, James Wilson, attributes these fluctuations to current market conditions and low sales volumes across several markets. The stagnation of dwelling value growth aligns with a slump in new residential listings on the market, indicating a potentially more significant slowdown in the housing market.

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